With a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?
A)$50,236.80
B)$5,023.68
C)$545.76
D)$54,576
E)None of these

Question

Quizplus · Accepted Answer

The total finance charges can be calculated using the formula for the total payment on a loan, which includes both principal and interest. The total payment is $98,236.80, and the finance charge is the total payment minus the principal, which is $98,236.80 - $48,000 = $50,236.80.

With a Mortgage of $48,000 for 15 Years with a Rate